7 Reasons You Need a Property Manager
Updated: Dec 18, 2022
It’s no secret that property managers make your life as a landlord easier.
But why hire a property manager?
How can they help you manage your real estate investments in a more profitable way?
Simply put, a property manager is a professional who manages the day-to-day operations of a property (or properties). They act on behalf of the owner to collect rent, screen and interview tenants, and oversee maintenance and repairs. In some cases, property managers may also help design your interior spaces based on trends and tenant needs.
Property managers often have access to various tools and data to perform their job efficiently.
So why hire a property manager?
Here are the top seven reasons to hire a property manager.
You won’t collect rent from a vacant property. A property manager knows how to advertise your property in a way that attracts high-quality tenants. This ensures that your property doesn’t stay vacant for too long and brings in revenue.
Property managers are aware of the process that goes into bringing in tenants. Accourding to these San Jose property managers, they will handle the screening process so you won’t have to.
It Saves You Time
The work of a landlord seems to never end. Some days will be harder than others and you’ll have loaded yourself with too much work. Maintenance and repair, for instance, will pull you away from your day job or business.
Plus, it can be a hassle to keep track of rent payments, late fees, and dealing with complaints. Things can get worse if you have a bad tenant and life as a landlord could be a constant source of stress. Delegating these responsibilities to an experienced property manager is almost always a good idea.
Property managers know your local neighborhood really well. They have extensive marketing programs to reach potential tenants. Most property managers maintain waiting lists of potential tenants hoping for a chance to rent a property at the earliest. This ensures a steady and reliable income.
Property Managers Know the Law
Many new landlords don’t know local and state laws. They may inadvertently break a few laws and not know them until it’s too late. Remember, not knowing the law is not a valid excuse in court. This is why hiring an experienced property manager is the best way to avoid legal issues.
Property managers are acutely aware of all state and federal laws when it comes to renting. This will become particularly useful in the event where eviction becomes necessary.
Property Managers Can Respond to Crisis More Quickly
How can you trust that your property is being maintained by tenants? Sometimes, it’s important to view the property in person. A local property manager can stop by to conduct a visual inspection of the premises. If there is a crisis that needs to be handled, the property manager will deal with the situation right away.
For instance, if a major storm damages the roof and endangers the life of occupants in the premises, the property manager will be able to respond on time and keep everyone safe.
They Maintain a Network of Contractors for Maintenance and Renovation
The core services of a property manager include maintenance. This includes the exterior of the building, utilities, and the surrounding landscape. Repairs will be required if something breaks. The interior may require a few minor touch-ups to attract new tenants.
Finding reliable contractors to handle these tasks can be costly. However, property managers maintain a working relationship with contractors, which allows them to .
Property managers have an incentive to make sure you receive your rent on time, especially if they are reimbursed from the monthly rent payment.
If the tenant does not pay on time, your property manager will know what steps to take to resolve the issue – all within the confines of the law.
Hire a property manager and save yourself the hassles that come with the title of landlord. This includes maintenance, finding new tenants, and collecting rent on time.